DeFi Development Corp.DFDV

DeFi Development Corp. mentions agentic AI as opening opportunities for Solana and plans to accumulate holdings.

““We are building our SOL treasury week by week, and those gains are adding up,” said Joseph Onorati, Chief Executive Officer of DeFi Development Corp. “Our SOL and SOL equivalents grew another 2% last week. Since our Q2 earnings update, we have added over 226,000 SOL, expanding our treasury 10% in just six weeks. With tokenization and agentic AI opening new opportunities for Solana, we intend to keep accumulating and put those holdings to work.””

DFDV believes tokenization and agentic AI will drive crypto demand with Solana positioned to support it.

“DFDV believes tokenization and agentic AI represent significant potential drivers of demand for crypto, with Solana well positioned to support financial activity that requires fast settlement, low transaction costs, and around-the-clock availability.”

DeFi Development Corp. describes agentic AI as software that transacts and manages resources independently.

““Tokenization brings stocks, funds, and other financial assets onchain. Agentic AI introduces software that can transact, make payments, and manage resources on its own,” continued Onorati. “Both need financial infrastructure that operates at lightning speed. We believe Solana will become a core part of that infrastructure, and we intend to keep building our position as that opportunity develops.””

Solana Foundation launched Pay.sh gateway for autonomous agents to pay for APIs.

“Q1 2026 SHAREHOLDER LETTER DEFI DEVELOPMENT CORP BUILT TO STACK SOLANA 11/16 Key Solana Developments Source: Solana Foundation Agentic finance and x402 The headline development of the period was Pay.sh, a gateway service launched by the Solana Foundation in collaboration with Google Cloud. Pay.sh allows autonomous agents to discover, access, and pay per request for enterprise APIs, including Gemini, BigQuery, Vertex AI, and Cloud Run, using stablecoins settled on Solana. Agents transact directly from a Solana wallet, with no Google Cloud account, API keys, or subscription required. Beyond official Google Cloud endpoints, the gateway also indexes more than 50 community API facilitators across ecommerce, market data, communications, and onchain infrastructure, including Helius, Alchemy, QuickNode, Exa, Dune, Nansen, and AgentMail. The system is built on the open x402 and MPP standards and is fully open source. We view Pay.sh as a landmark step toward making Solana the default settlement layer for the agentic economy, and a meaningful validation of the structural SOL demand thesis we have written about previously. Adoption of x402 itself also continued to broaden during the period, with QuickNode, Messari, Alchemy, and Agentmail each shipping integrations, and the Solana Foundation unveiling an onchain Agent Registry via Quantu AI for verifiable agent identity. We continue to view agentic AI as one of the most important structural demand drivers for SOL over the next several yea”

Solana Foundation launched security programs including STRIDE and SIRN.

“Q1 2026 SHAREHOLDER LETTER DEFI DEVELOPMENT CORP BUILT TO STACK SOLANA 12/16 Ecosystem Security Asymmetric Research and the Solana Foundation jointly announced STRIDE, a structured program for evaluating, monitoring, and escalating security across Solana protocols. STRIDE introduces an eight-pillar security framework, with independent evaluations published publicly so users and investors can assess the protocols they rely on. Protocols above $10M in TVL that pass the evaluation receive ongoing operational security and active threat monitoring funded by Solana Foundation grants, calibrated to each protocol’s risk profile. Protocols above $100M in TVL also receive Solana Foundation-funded formal verification, a proof- based method that mathematically guarantees smart contract correctness. Alongside STRIDE, the Solana Foundation launched the Solana Incident Response Network (SIRN), a membership-based network of security firms and researchers focused on coordinated incident response. Founding members include Asymmetric Research, OtterSec, Neodyme, Squads, and ZeroShadow. Together with previously deployed tools from Hypernative, Range Security, Neodyme, Sec3, and AuditWare, this represents the most comprehensive ecosystem security stack across any major Layer 1, and a meaningful de-risking of DeFi exposure for treasury participants like DFDV. Reinforcing our institutional voice Our priority in Q1 was reinforcing DFDV’s position as the institutional voice on Solana-based Digital As”

Agentic AI is viewed as a structural tailwind for Solana demand.

“Q1 2026 SHAREHOLDER LETTER DEFI DEVELOPMENT CORP BUILT TO STACK SOLANA 13/16 Restart the SOL accumulation flywheel Our focus for the rest of 2026 is to restart our SOL accumulation flywheel. SPS growth in the first half of last year was driven by accretive capital issuances at elevated mNAVs, and we remain laser focused on recreating those conditions. The early signs are encouraging. SOL has stabilized well off its lows and we believe capital will rotate back into the highest-quality DATs. As crypto winter starts to thaw, we will be positioned for the turn. We will remain opportunistic with our capital raises. We have $200M of ATM capacity, and believe preferred equity could be a meaningful driver of SPS growth in the months ahead. That said, we will deploy capital only when it is accretive to SPS. This discipline is what produced 108% SPS growth over the last twelve months, and we have no intention of abandoning it as the cycle turns. Beyond capital markets, we remain convinced that SOL has multiple structural tailwinds that will define the next 12-24 months: agentic AI and real- world asset tokenization. Every autonomous agent that transacts onchain needs a settlement layer with low latency, low fees, and high throughput. Solana is the only general-purpose chain that meets those constraints at scale today. The same logic applies to tokenized equities, treasuries, and credit, where Solana should emerge as the dominant venue over time. As these use cases scale, structural SOL”

Company discusses Solana infrastructure and tokenized assets but does not mention AI agents.

“DeFi Development Corp. is just a week away from the one-year anniversary of initiating its Solana treasury strategy. A year feels like a long time in crypto, and yet in the context of what our team is building, we’re still in our opening chapter. That may sound strange coming from a company that just completed a year in which we delivered over 600% equity returns, built the highest-yielding treasury infrastructure in the digital asset treasury (“DAT”) space, and established ourselves as the only Solana DAT with positive returns since launch. By most measures, we’re far past the starting line. But zoom out, and what we’ve built is just the foundation. Solana is no longer an upstart. It is becoming the default infrastructure for the onchain economy. According to RWA.xyz, in 2025 alone tokenized equities volume on Solana hit $3B, more than every other chain. Stablecoin Total Value Locked (“TVL”) on Solana currently stands at over $16 billion, up over 5x from late 2021.1 In 2025, daily active users on Solana surpassed 4.2 million, up 56% y/y, and Solana DEX volume reached $1.5 trillion, up 57% y/y.2,3 Institutions and legacy financial players such as JPMorgan, Western Union, PayPal, and more, are integrating Solana faster than anyone predicted. Simultaneously, DAT holdings of SOL now account for approximately 3% of circulating SOL supply, demonstrating that more corporations increasingly view SOL as a treasury-grade asset. The infrastructure for a new financial system is being bu”

Company discusses Solana infrastructure, institutions, and valuation model but does not mention AI agents.

“FY 2025 • Citi Completes Bill of Exchange on Solana: In early February, Citigroup completed the full lifecycle of a tokenized Bill of Exchange on Solana spanning issuance, financing, distribution, and settlement, alongside PwC. The transaction demonstrated that traditional trade finance instruments can be executed end-to-end on Solana’s infrastructure. • Goldman Sachs Discloses SOL ETF Holdings: Goldman Sachs disclosed $108M in Solana ETF holdings in its Q4 2025 13F filing, adding one of the most prominent names in global asset management to the growing list of institutional SOL holders. One of our most important recent contributions to the Solana investment ecosystem was the development and publication of our proprietary SOL valuation framework, which underpins our $10,000 SOL/USD price target. This model is a new approach for valuing SOL, and we want shareholders to understand the thinking behind it. The core insight of our model is that Solana is best understood not just as a technology platform or a cryptocurrency, but as a digital city. Cities generate economic value through density: the concentration of people, commerce, and capital in a single location creates network effects that compound over time. More residents attract more businesses; more businesses attract more capital; more capital funds better infrastructure; better infrastructure attracts more residents. The cycle is self-reinforcing. Solana operates on the same logic. Its high throughput and low latency crea”

Research report outlines why Solana is positioned for AI agents but company itself has not deployed them.

“FY 2025 In our research report “Every Agent Needs a SOL,” we outlined why Solana is uniquely positioned to become the default settlement layer for AI agents. The argument is simple: AI agents require fast, cheap, programmable transactions. They need to interact with DeFi protocols, transfer funds between wallets, and execute complex, multi-step operations in real time. Solana’s sub-second finality, negligible transaction costs, and deep DeFi liquidity make it the natural home for agent-driven commerce. We sized this opportunity in our report and believe agentic AI demand alone could support meaningful SOL price appreciation, independent of other demand drivers like DeFi growth, stablecoin adoption, and tokenized securities. Together, the Digital City framework and the Agentic AI thesis represent the intellectual foundation of our conviction in Solana. We intend to publish additional research in Q2 2026 covering RWA tokenization, stablecoin adoption dynamics, and existing consumer demand verticals, including spot trading and memecoin activity. These reports will further quantify the demand vectors feeding into our DFDV Model and reinforce our view that SOL remains significantly undervalued relative to the scale of the opportunity ahead. Q4 marked a step-function increase in DFDV’s visibility across both crypto-native and traditional financial audiences. While the DAT space faced headwinds, we focused on positioning DFDV as the category leader and expanding our reach among reta”

DeFi Development estimates $27B SOL demand from agentic finance applications.

“Agentic AI Applications. Solana is emerging as a preferred settlement layer for autonomous AI agents due to its high throughput, sub-second finality, and ultra-low transaction costs, enabling seamless machine-to-machine payments, DeFi interactions, and onchain economic coordination at scale. As agentic AI ecosystems grow—facilitating tasks like automated trading, data verification, and cross-protocol orchestration—structural demand for SOL is expected to increase significantly as agents require frequent, efficient blockchain access. Research from DeFi Development Corp. estimates a base-case scenario of $27.0 billion in SOL demand driven solely by agentic finance applications in the coming years.”